Mega-Cap Portfolio, Series 48

The Mega-Cap Portfolio invests in some of the largest companies in the world. These companies
are well-known blue chip companies that are widely regarded as leaders in their respective
industries. These companies, known for their quality products and services, are some of the most
successful in the world and have the potential to provide their stockholders with a greater degree
of stability and consistent performance over time.

Mega-cap companies typically have a notable presence throughout the world. Recently, more
opportunities have arisen outside of the United States, where populations are growing rapidly and
market penetration is lower. The United Nations anticipates that the current world population of
7.6 billion could potentially increase to 8.6 billion in 2030 driven by growth in developing countries.
According to the International Monetary Fund, world GDP growth is estimated to be 3.9% in 2018 and
3.9% in 2019.

The S&P 100 Index is a benchmark for mega-cap stock investing. The 50 largest constituents in the S&P
100 Index represent 79.02% of its total market capitalization as of March 9, 2018. Mega-cap stocks are
priced a bit more attractive than the broader market, in our opinion. The 2018 and 2019 year-end priceto-
earnings (P/E) ratio estimates for the S&P 100 Index were 17.56 and 15.91, respectively, on
March 12, 2018, compared to the S&P 500 Index’s 2018 and 2019 P/E estimates of 17.79 and 16.12,
according to Bloomberg. An investor cannot invest directly in an index.

Portfolio Objective

This unit investment trust seeks above-average
capital appreciation; however, there is no
assurance the objective will be met.

Not FDIC Insured  Not Bank Guaranteed  May Lose Value

You should consider the portfolio's investment objectives, risks, and
charges and expenses carefully before investing. Contact your financial advisor
or call First Trust Portfolios, L.P. at 1.800.621.1675 to request a prospectus,
which contains this and other information about the portfolio. Read it carefully
before you invest.

Risk Considerations:
An investment in this unmanaged unit investment trust should be made with an
understanding of the risks involved with owning common stocks, such as an economic
recession and the possible deterioration of either the financial condition of
the issuers of the equity securities or the general condition of the stock market.

An investment in a portfolio containing equity securities of foreign issuers is subject to additional risks, including currency fluctuations, political risks, withholding, the lack of adequate financial information, and exchange control restrictions impacting foreign issuers.

This UIT is a buy and hold strategy and investors should consider their ability to hold the trust until maturity. There may be tax consequences unless units are purchased in an IRA or other qualified plan.

The value of the securities held by the trust may be subject to steep declines
or increased volatility due to changes in performance or perception of the issuers.

The information in the prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. The prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA and the Internal Revenue Code. First Trust has no knowledge of and has not been provided any information regarding any investor. Financial advisors must determine whether particular investments are appropriate for their clients. First Trust believes the financial advisor is a fiduciary, is capable of evaluating investment risks independently and is responsible for exercising independent judgment with respect to its retirement plan clients.

First Trust Portfolios L.P. Member SIPC and FINRA.
First Trust Advisors L.P.